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NEWS
Brexit bonus for Merlin as weakened pound boosts profits
POSTED 29 Jul 2016 . BY Tom Anstey
Merlin said it expects further recovery for its Resort Theme Park portfolio, which was down 9.1 per cent, with additional growth coming from its Legoland parks
Merlin Entertainments is forecasting a boost in profits as a result of the fall in value of the pound stemming from Britain’s decision to leave the European Union (EU).

Merlin – one of the largest attractions operators in the world, second only to Disney – has forecast a percentage boost for the UK-based company, with 70 per cent of what it earns coming from outside Britain.

This coupled with Merlin CEO Nick Varney predicting last month that the weakened pound could attract an influx of visitors means the company is benefitting despite a volatile financial market.

According to Merlin’s chief financial officer Andrew Carr, the company’s 2016 results should be strong if the pound's weakness against the dollar and euro persists. Carr added that the forecast would result in a “mid to high single-digit percentage” increase if current financial rates are maintained.

Reporting its half-year results, Merlin, which operates more than 100 attractions worldwide, recorded profits of £50m (US$65.8m, €59.2m). The operator added that overall revenue year-on-year had grown 5.3 per cent to £573m (US$754m, €679m), with a 3 percentage point benefit from currency movements.

Visitor numbers for the period grew 1.1 per cent to 28 million, but like-for-like revenue was down 1.1 per cent, which Merlin attributed to a “challenging landscape” for its midway attractions and significantly lower visitor number at Alton Towers stemming from the Smiler accident in June last year.

Merlin said it expects further recovery for its Resort Theme Park portfolio, which was down 9.1 per cent, with additional growth coming from its Legoland parks, the latest of which is due to open this year in Dubai. Merlin’s midway trading performance is expected to remain “subdued” with the London market, which the operator said would be “challenging in the near term”.
RELATED STORIES
  Struggling pound could bring UK tourism boom, says Varney


Merlin Entertainments CEO and British Hospitality Association (BHA) chair Nick Varney has said that the UK’s decision to leave the European Union could actually bring an influx of visitors based on the weakened value of the struggling pound.
  Merlin putting forward plans for long-rumoured Legoland NY


Merlin Entertainments will put forward plans for its largest Legoland theme park ever, with a special presentation outlining the project in Goshen, New York, to take place on 14 June.
  Health and Safety Executive releases new Smiler images following Alton Towers guilty plea


Following the guilty plea from Merlin Entertainments related to last year’s Smiler rollercoaster crash at Alton Towers, the Health and Safety Executive (HSE) has released a statement and images of the car involved in the accident.
  Merlin pleads guilty over Alton Towers Smiler crash


Alton Towers owner Merlin Entertainments has pleaded guilty in court to breaking health and safety laws in relation to the Smiler rollercoaster crash that seriously injured five passengers, including two people who underwent leg amputations.
MORE NEWS
UK's Royal attractions had a bumper year in 2023
Numbers from the Association of Leading Visitor Attractions, (ALVA) show that Royal attractions saw a huge increase in visitor numbers during 2023 – the coronation year of King Charles III.
Efteling to convert steam trains to electric as part of green drive
The Everyday Heritage initiative celebrates and preserves working class histories
Off the back of the success of the first round of Everyday Heritage Grants in 2022, Historic England is funding 56 creative projects that honour the heritage of working-class England.
Universal announces long-awaited details of its Epic Universe, set to open in 2025
Universal has revealed it will be adding new Harry Potter attractions, alongside Super Nintendo and How to Train Your Dragon worlds to its Florida resort.
+ More news   
LATEST JOBS
Director of Operations
Active Luton
Salary: £61,000 - £64,000 + exceptional pension + excellent benefits
Job location: Luton , United Kingdom
Chief Executive Officer, Mount Batten Centre
Mount Batten Group
Salary: c£65,000pa + pension + benefits
Job location: mount batten centre, plymouth , United Kingdom
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COMPANY PROFILES
iPlayCO

iPlayCo was established in 1999. [more...]
DJW

David & Lynn Willrich started the Company over thirty years ago, from the Audio Visual Department [more...]
Painting With Light

By combining lighting, video, scenic and architectural elements, sound and special effects we tell s [more...]
Sally Corporation

Our services include: Dark ride design & build; Redevelopment of existing attractions; High-quality [more...]
+ More profiles  
CATALOGUE GALLERY
 

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DIRECTORY
+ More directory  
DIARY

 

08-08 May 2024

Hospitality Design Conference

Hotel Melià , Milano , Italy
10-12 May 2024

Asia Pool & Spa Expo

China Import & Export Fair Complex, Guangzhou, China
+ More diary  
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NEWS
Brexit bonus for Merlin as weakened pound boosts profits
POSTED 29 Jul 2016 . BY Tom Anstey
Merlin said it expects further recovery for its Resort Theme Park portfolio, which was down 9.1 per cent, with additional growth coming from its Legoland parks
Merlin Entertainments is forecasting a boost in profits as a result of the fall in value of the pound stemming from Britain’s decision to leave the European Union (EU).

Merlin – one of the largest attractions operators in the world, second only to Disney – has forecast a percentage boost for the UK-based company, with 70 per cent of what it earns coming from outside Britain.

This coupled with Merlin CEO Nick Varney predicting last month that the weakened pound could attract an influx of visitors means the company is benefitting despite a volatile financial market.

According to Merlin’s chief financial officer Andrew Carr, the company’s 2016 results should be strong if the pound's weakness against the dollar and euro persists. Carr added that the forecast would result in a “mid to high single-digit percentage” increase if current financial rates are maintained.

Reporting its half-year results, Merlin, which operates more than 100 attractions worldwide, recorded profits of £50m (US$65.8m, €59.2m). The operator added that overall revenue year-on-year had grown 5.3 per cent to £573m (US$754m, €679m), with a 3 percentage point benefit from currency movements.

Visitor numbers for the period grew 1.1 per cent to 28 million, but like-for-like revenue was down 1.1 per cent, which Merlin attributed to a “challenging landscape” for its midway attractions and significantly lower visitor number at Alton Towers stemming from the Smiler accident in June last year.

Merlin said it expects further recovery for its Resort Theme Park portfolio, which was down 9.1 per cent, with additional growth coming from its Legoland parks, the latest of which is due to open this year in Dubai. Merlin’s midway trading performance is expected to remain “subdued” with the London market, which the operator said would be “challenging in the near term”.
RELATED STORIES
Struggling pound could bring UK tourism boom, says Varney


Merlin Entertainments CEO and British Hospitality Association (BHA) chair Nick Varney has said that the UK’s decision to leave the European Union could actually bring an influx of visitors based on the weakened value of the struggling pound.
Merlin putting forward plans for long-rumoured Legoland NY


Merlin Entertainments will put forward plans for its largest Legoland theme park ever, with a special presentation outlining the project in Goshen, New York, to take place on 14 June.
Health and Safety Executive releases new Smiler images following Alton Towers guilty plea


Following the guilty plea from Merlin Entertainments related to last year’s Smiler rollercoaster crash at Alton Towers, the Health and Safety Executive (HSE) has released a statement and images of the car involved in the accident.
Merlin pleads guilty over Alton Towers Smiler crash


Alton Towers owner Merlin Entertainments has pleaded guilty in court to breaking health and safety laws in relation to the Smiler rollercoaster crash that seriously injured five passengers, including two people who underwent leg amputations.
MORE NEWS
UK's Royal attractions had a bumper year in 2023
Numbers from the Association of Leading Visitor Attractions, (ALVA) show that Royal attractions saw a huge increase in visitor numbers during 2023 – the coronation year of King Charles III.
Efteling to convert steam trains to electric as part of green drive
The Everyday Heritage initiative celebrates and preserves working class histories
Off the back of the success of the first round of Everyday Heritage Grants in 2022, Historic England is funding 56 creative projects that honour the heritage of working-class England.
Universal announces long-awaited details of its Epic Universe, set to open in 2025
Universal has revealed it will be adding new Harry Potter attractions, alongside Super Nintendo and How to Train Your Dragon worlds to its Florida resort.
Heartbreak for Swedish theme park, Liseberg, as fire breaks out
A fire has destroyed part of the new water world, Oceana, at Liseberg in Sweden, and a construction worker has been reported missing.
Museum director apologises after comparing the city of Florence to a sex worker
Museum director Cecilie Hollberg has come under fire for comparing the city to a sex worker due to uncontrolled mass tourism.
+ More news   
 
COMPANY PROFILES
iPlayCO

iPlayCo was established in 1999. [more...]
DJW

David & Lynn Willrich started the Company over thirty years ago, from the Audio Visual Department [more...]
Painting With Light

By combining lighting, video, scenic and architectural elements, sound and special effects we tell s [more...]
Sally Corporation

Our services include: Dark ride design & build; Redevelopment of existing attractions; High-quality [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

08-08 May 2024

Hospitality Design Conference

Hotel Melià , Milano , Italy
10-12 May 2024

Asia Pool & Spa Expo

China Import & Export Fair Complex, Guangzhou, China
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2024

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
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ATTRACTIONS HANDBOOK
PRINT SUBSCRIPTIONS
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